January 29, 2023

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Understanding Millennials to Help Make Your Business Outdo Competition

As the previous generations, such as the baby boomers exit, millennials are taking over the stage, and the entire workplace environment is changing. This new generation already makes up more than 50% of the workforce, and the number is expected to continue growing. Millennials are unique in that they prefer a different way of doing things, but the good thing is that they can help your enterprise to stand out from the competition. 

In this post, we take a closer look at millennials to determine their main trends and characteristics in the workplace. Understanding these attributes and good management can help you in crafting better strategies to help take your company to the next level. 

Work Means More than a 9 am -5 pm Routine 

Research on millennials shows they care more than just going to work to get paid. They want an identity to attach with, even if it comes with a lower salary. Therefore, your company must be willing to go that extra mile to ensure it provides a good internal culture. To provide this outstanding culture, consider adding the following to the company operations: 

  • Flexible working design. 
  • Improved work/life balance. 
  • Better communication among staff and with the top management. 

As an entrepreneur or manager, running a business requires you to have the best talents, and millennials can guarantee you faster growth and success. According to Adrian Cheng, entrepreneurs need to understand what millennials need and create a progressive culture in their workplace. He adds that once you get it right with millennial staff, growth and success will no doubt follow.

Millennials want to See Upward and Onward Progression 

For many people, the most important thing at work is getting a sense of career progression. For millennials, this is even more crucial. They are always looking for new opportunities, and if your company does not offer that guarantee for progress in their careers, the chances are that they will easily shift to competitors.

Therefore, you should define clear structures and steps that millennials can follow for assurance of faster career growth. Some attributes that contribute towards career growth include: 

  • Human resources development. 
  • Succession planning. 
  • A policy that pushes internal hiring before bringing on board external candidates. 
  • A culture or progressive development in all areas of company development, including human resources. 

Millennials Want to be More Flexible 

For a business to grow to the next level, you need to have clear goals and targets. For example, you might want to triple sales and double the profits. Therefore, you should set targets for each department or staff. This is where millennials prefer flexibility.

If you want to reach USD1 million in sales, the millennial marketing staff want to be allowed some space to achieve that and surpass it. 

Millennials are tech-savvy and energetic, implying that they can work harder and faster. Some will work even overnight and use personal networks to reach pre-set goals. Therefore, you should explore ways of offering them greater flexibility. If an employee can finish and surpass the pre-set targets when working from home, do not stand in their way.

This will not only motivate the employees but also strengthen the organisational culture.